Iran Sanctions Update

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The European Union has on 26 July 2010 imposed tough new economic sanctions against Iran, going beyond the fourth round of sanctions approved by the UN Security Council last month. The move echoes the US' tightening of its own sanctions against Iran in June of this year.

The new sanctions focus in particular on the country's oil and gas, transport, insurance and banking sectors. The EU has also taken the anticipated step of adding more than 40 individuals and over 50 companies to the "blacklist" created by previous Regulation (EC) No. 423/2007, including (a) the Iranian national shipping line, IRISL, its subsidiaries and a number of other ship-owners / managers believed to be front companies for IRISL and (b) several banks including Bank Mellat and all subsidiaries, Bank Saderat and its subsidiaries and the subsidiaries of Bank Melli.

Please see full alert below for more information.

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Published In: Administrative Agency Updates, Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates, Transportation Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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